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Tag Archives: Dodd-Frank

CFPB previews 5-year review of mortgage rules

Posted in Mortgages

Dovetailing with President Trump’s recent Executive Order requiring a reduction in regulatory burden, on March 21, 2017, a CFPB official remarked at the American Bankers Association Government Relations Summit that the CFPB was planning to start its review of significant mortgage regulations, including the ability to repay/qualified mortgage rule. The Dodd-Frank Act requires the CFPB… More >

Trump’s DOJ supports striking Cordray’s removable-only-for-cause protection from Dodd-Frank

Posted in CFPB General, Federal Agencies, Hot Issues, Richard Cordray

The DOJ submitted its amicus brief in the PHH case on Friday, March 17.  We have blogged extensively about this case since its inception. Unsurprisingly, the Trump DOJ supports striking from Dodd-Frank the removal-only-for-cause protection currently applicable to the director of the CFPB.  In its “view, the panel correctly applied severability principles and therefore properly… More >

Trump ignores Dodd-Frank and CFPB in Congressional address

Posted in CFPB General

In his more than one hour nationwide address last night to a joint session of Congress, President Trump discussed a broad range of topics:  repeal of Obamacare, tax relief, immigration, rebuilding the Country’s infrastructure, strengthening the military, foreign trade.  All of these topics, and others mentioned by him, were important campaign issues for Trump.  Noticeably… More >

House Financial Services Committee Chairman Hensarling Proposes Changes to the CHOICE Act.

Posted in CFPB General

On Monday, Chairman Hensarling circulated a memorandum to the House Financial Service Committee Leadership Team suggesting key revisions to the CHOICE Act. It only addresses proposed changes to the CHOICE Act; several key features of the original version, including subjecting the CFPB to congressional appropriations, remain in place but are not addressed in the memorandum…. More >

Ninth Circuit affirms tribal lenders subject to CFPB investigative demands

Posted in CFPB Enforcement, Payday Lending

The Ninth Circuit recently issued its opinion in CFPB v. Great Plains Lending, LLC, et al., in which three tribal-affiliated, for-profit lending companies (“Tribal Lenders”) challenged the authority of the CFPB to issue civil investigative demands (CIDs) against Native American tribes. In 2012, the CFPB issued CIDs against the Tribal Lenders regarding their advertising, marketing,… More >

Breaking News: In PHH v. CFPB, D.C. Circuit Holds that CFPB Structure is Unconstitutional

Posted in CFPB Enforcement, CFPB General, Hot Issues, Mortgages, TILA / RESPA

The D.C. Circuit issued its long-awaited decision in PHH Corporation v. CFPB. In reversing the decision of Consumer Financial Protection Bureau (CFPB) Director Cordray to impose an enhanced penalty of $109 million on PHH for its use of a captive (wholly-owned) mortgage reinsurer, the court made several landmark rulings. First, it held that the CFPB’s… More >

House Committee approves Dodd-Frank replacement bill

Posted in CFPB General

By a vote of 30-26 earlier this week, the House Financial Services Committee approved the “The Financial CHOICE Act of 2016” (H.R. 5983), the bill released in July 2016 by Committee Chairman Jeb Hensarling to replace the Dodd-Frank Act.  All Democrats on the Committee voted against the bill as did one Republican member.  No amendments… More >

Senate Judiciary Committee holds hearing on Dodd-Frank constitutional issues

Posted in CFPB General

The Senate Judiciary Committee held a hearing yesterday entitled “The Administrative State v. The Constitution: Dodd-Frank at Five Years.”  The hearing was focused on constitutional issues relating to the Dodd-Frank Act, including the constitutionality of the CFPB. The witnesses were: The Honorable C. Boyden Gray of Boyden Gray & Associates, PLLC: Deepak Gupta of Gupta… More >

Update on state AGs/regulator lawsuits using Dodd-Frank authority

Posted in UDAAP

Below is an update on the lawsuits we have been following that state attorneys general and a state regulator have brought using their Dodd-Frank enforcement authority.  Under Dodd-Frank Section 1042, a state AG or regulator is authorized to bring a civil action to enforce provisions of Dodd-Frank Title 10 or regulations issued under Title 10,… More >

NY regulator settles lawsuit filed using Dodd-Frank authority

Posted in UDAAP

A settlement has been announced in the lawsuit filed by Benjamin Lawsky, the Superintendent of the New York Department of Financial Services, using his Dodd-Frank Section 1042 authority.  Section 1042 allows state attorneys general and regulators to bring civil actions for violations of Dodd-Frank’s prohibition of unfair, deceptive, or abusive acts or practices.  Mr. Lawsky’s… More >

CFPB Updates Mortgage Rules Readiness Guide to Cover TILA-RESPA Integrated Mortgage Disclosure Rule

Posted in CFPB General

The CFPB has released Version 3.0 of its “2014 CFPB Dodd-Frank Mortgage Rules Readiness Guide.”  The Guide, originally issued in July 2013, now contains changes to the final rules issued through August 1, 2014.  The updated Guide includes the TILA-RESPA Integrated Mortgage Disclosures Rule that takes effect in August 2015. According to the CFPB, the… More >

Florida and Connecticut AGs file lawsuit asserting Dodd-Frank enforcement authority

Posted in UDAAP

On July 29, 2014, another Section 1042 lawsuit was filed jointly by the Attorneys General of Florida and Connecticut in a Florida federal court.  The lawsuit alleges that four individuals and their four businesses formulated and participated in a mortgage rescue scam that deceived consumers into paying upfront fees to be included as plaintiffs in… More >

House Passes Bill to Fix Privilege Waiver Problem for Nonbanks

Posted in CFPB General

A bill (H.R. 5062) recently passed by the House of Representatives would amend the Consumer Financial Protection Act (the CFPA), which is Title X of the Dodd-Frank legislation, to provide protection against waiver of state and federal law privileges for nondepository institutions supervised by the CFPB. Entitled the “Examination and Supervisory Privilege Parity Act of… More >

Update on state AG/regulator lawsuits using Dodd-Frank authority

Posted in UDAAP

We have been following four lawsuits brought by state Attorneys General and a state regulator using their Dodd-Frank enforcement authority.  Under Dodd-Frank Section 1042, a state AG or regulator is authorized to bring a civil action for a violation of the Dodd-Frank prohibition of unfair, deceptive or abusive acts or practices (UDAAP).  Here’s an update… More >

House to hold hearing on impact of Dodd-Frank Act

Posted in CFPB General

On Wednesday, July 23, 2014, the House Financial Services Committee will hold a hearing entitled “Assessing the Impact of the Dodd-Frank Act Four Years Later.”  (Today is the fourth anniversary of the date on which the Act was signed into law.)  Most notably, the witness list includes former Congressman Barney Frank, who formerly chaired the… More >

CFPB: Industry should “start now” to comply with workplace diversity and inclusion standards

Posted in CFPB People, CFPB Rulemaking, Diversity and Inclusion

On June 26, 2014, I participated in a panel presentation at the MBA Strategic Markets and Diversity Summit, in Washington, D.C. Stuart Ishimaru, Director of the Consumer Financial Protection Bureau’s Office of Minority and Women Inclusion, also sat on the panel. The presentation focused on Section 342 of the Dodd-Frank Act and the proposed Interagency… More >

Another state AG files lawsuit using Dodd-Frank authority

Posted in Credit Reports, UDAAP

A lawsuit filed in May 2014 by the Mississippi Attorney General against Experian in Mississippi state court alleging widespread federal and state law violations was removed last week by Experian to a federal district court in Mississippi.  While the complaint’s sensational allegations of Fair Credit Reporting Act (FCRA) violations by Experian have received considerable attention, it… More >

Illinois AG wins motion to add Dodd-Frank UDAAP claim to complaint against for-profit college

Posted in UDAAP

Earlier this month, an Illinois state court granted the motion of the state’s Attorney General to further amend her complaint in a lawsuit filed against a for-profit college and its owners to add new counts alleging that the defendants’ practices were unfair and abusive under the federal Consumer Financial Protection Act (CFPA) (Title 10 of… More >

Illinois AG seeks leave to add Dodd-Frank UDAAP count to complaint against for-profit college

Posted in UDAAP

Lisa Madigan, Illinois Attorney General, recently filed a motion in a state court lawsuit against a for-profit college and its owners and operators seeking leave to further amend her complaint to add new counts alleging that the defendants’ practices were unfair and abusive under the federal Consumer Financial Protection Act (CFPA) (Title 10 of Dodd-Frank). … More >

Hearing on New York DFS lawsuit postponed until May 12

Posted in CFPB General, UDAAP

We reported last week about the novel lawsuit brought by the New York Department of Financial Services (“DFS”) against a large subprime auto finance company and its president and CEO. The DFS relied on Section 1042 of Dodd-Frank in initiating a complaint in federal district court alleging that the defendants engaged in unfair, deceptive and… More >

NY Dept of Financial Services becomes first state regulator to bring Dodd-Frank UDAAP action

Posted in UDAAP

Earlier this week, Benjamin Lawsky, the Superintendent of the New York Department of Financial Services (DFS), became the first state regulator to use his authority under Dodd-Frank Section 1042 to bring a civil action for a violation of the Dodd-Frank prohibition of unfair, deceptive or abusive acts or practices (UDAAP).  Similar to most other states’… More >